Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Amdocs Limited from December 13, 2016, through March 30, 2021 (the “Class Period”) The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Amdocs securities, and/or would like to discuss your legal rights and options please visit DOX Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Amdocs overstated its profits, cash, and liquidity, while understating its debt; (ii) Amdocs concealed its large borrowing; (iii) while Amdocs’ reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 31, 2021, Jehoshaphat Research published a report that was the result of a months-long investigation into a “massive financial deception taking place at Amdocs.” The report alleged that Amdocs overstated its profit by “~40-50%, or as much as $200m.”
On this news, Amdocs’s stock price fell $9.19 per share, or 11.58%, to close at $70.15 per share on March 31, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than June 8, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Amdocs securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/amdocslimited-dox-shareholder-class-action-litigation-stock-fraud-385/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP